Indian rupee opens flat against UAE dirham

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.14 per cent to 104.32

A Staff Reporter

Published: Wed 28 Dec 2022, 9:52 AM

The Indian rupee opened on a flat note against the US dollar on Wednesday amid rising crude oil prices and persistent foreign capital outflows.

Forex traders said a strengthening American currency and muted Indian equities weighed on the rupee and restricted the appreciation bias.

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At the Indian interbank foreign exchange, the rupee opened at 82.84 against the dollar (22.57 versus the UAE dirham), then fell to quote at 82.86, registering a rise of just 1 paisa over its previous close.

On Tuesday, the rupee closed at 82.87 against the dollar.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.14 per cent to 104.32.

Brent crude futures, the global oil benchmark, advanced 0.11 per cent to $84.42 per barrel.

In the Indian equity market, the 30-share BSE Sensex was trading 77.87 points or 0.13 per cent lower at 60,849.56. The broader NSE Nifty rose 25.65 points or 0.14 per cent to 18,106.65.

Foreign Institutional Investors (FIIs) were net sellers in the Indian capital markets on Tuesday as they offloaded shares worth Rs8.67 billion, according to exchange data.

“Rupee is likely to trade in 82.60-82.90 range with sideways price action,” IFA Global Research Academy said in a research note.

(With inputs from PTI)

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